Volkswagen agreed to spend up to $14.7 billion to settle allegations of cheating emissions tests and deceiving customers brought by the United States (Environmental Protection Agency) and the State of California, and one with the U.S. Federal Trade Commission. VW will offer consumers a buyback and lease termination for 2.0 liter diesel vehicles with model year 2009-2015 sold or leased in the U.S., and spend up to $10.03 billion to compensate consumers under the program. In ad
Volkswagen AG agrees to pay more than $10 billion to settle class action claims brought on behalf of owners of its cars regarding the diesel emissions cheating scandal. The settlement reportedly will include an average of $5,000 in compensation to class members for the value of their vehicles or to make them compliant with emissions standards. Click here to read more.
Merrill Lynch will pay $415 million and admit to wrongdoing to settle SEC charges that it violated the SEC’s Customer Protection Rule by misusing customer cash to generate profits for the firm, instead of depositing it in a reserve account, and failed to safeguard customer securities from the claims of its creditors by investing in risky complex options trades. Click here to read more.
The Securities and Exchange Commission obtained a court order freezing the assets of an investment advisor, Ash Narayan, The Ticket Reserve Inc., CEO Richard M. Harmon, and COO John A. Kaptrosky and charged them with secretly siphoning $33 million from accounts Narayan managed for professional athletes and investing them in a struggling online sports and entertainment ticket business on whose board he served. Narayan also took at least $2 million in hidden compensation from T
The Federal Trade Commission charged Sean K. Juhl and his company, D&S Marketing Solutions LLC, also doing business as US Corporate Compliance Office, Office of Compliance and Safety Standards, and Occupational Safety and Compliance Administration, with bilking at least $1.3 million from newly-opened small businesses by pretending to be the Occupational Safety and Health Administration or some other agency, and threatening that the business will be shut down or fined unless t
The Securities and Exchange Commission awarded a whistleblower, who was a former company employee, more than $17 million, the second-largest in SEC history, for detailed tip that substantially advanced the agency’s investigation and ultimate enforcement action. The SEC has awarded more than $26 million to whistleblowers in the past month. Click here to read more.
The Securities and Exchange Commission charged an investment adviser, Richard W. Davis Jr., with defrauding investors by steering them into real estate-related investments with companies that he owned or operated without disclosing those conflicts of interest. Click here to read more.
A PETA investigation in China uncovered the plucking of feathers from live geese to be used for down sourced to major US retailers, including Lands’ End, Eddie Bauer, L.L. Bean, Sears, and Amazon, not in compliance with their stated corporate policies of responsible sourcing of their down products. Click here to read more.
The Delaware Chancery Court found that certain stockholders of Dell, who sought appraisal of the fair value of their shares following the Company's buyout, are entitled to 22% more than the $24.9 billion deal price but statutory 5% interest. Stockholders may seek appraisal for the fair value of shares they hold prior to a merger under Delaware law and are entitled to statutory interest that accrues from the time the deal closes until the resolution of their action. In Dell, t